Ursula von der Leyen propose plans for new sanctions on Russian oil

The European Union

is planning to impose a complete ban on the import of Russian oil by the end of this year. The President of the European Union Ursula von der Leyen, while addressing the European Parliament in Strasbourg, France, proposed restricting Russian crude oil imports  within six months and refined products by the end of this year.

In a statement, the EU President said, “We will make sure that we phase out Russian oil in an orderly fashion, in a way that allows us and our partners to secure alternative supply routes and minimizes the impact on global markets.” However, the proposals regarding the ban on Russian energy are subjected to unanimous approval.

Ursula Von der Leyen

admitted that getting all the member countries of European Union to agree on oil sanctions “will not be easy.” Currently, the European Union gets about 25% of its oil from Russia. A major part of this Russian Oil toward gasoline and fuel for vehicles. 

Other than Crude oil, the European Union also receives about 40% of its natural gas from Russia. Hungary and Slovakia have already announced they wouldn't take part in any oil sanctions against the energy imports from Russia.